Credit Score Increase - Should I close my 2 oldest cards?

[Anonymous]

Hello all!

I currently sit at a comfortable 740 with a broad portfolio of cards. I started with a 530 score in 2015/2016

(Ranged from oldest to newest)

!- Capital One Secured Platinum (MC): CL $506 (one 30-day late payment from 2016)
!- Bank of America Platinum (Bankofamericard VISA): CL $800 (one 30-day late payment from 2016)

- Capital One QuickSilver One Platinum (MC): CL $500 (Recently bumped up automatically from $300 CL)

- Petal Card (VISA): CL $2,000

- Chase Starbucks Rewards (VISA): CL $2,500 (Recently bumped up automatically from $1,500 CL)

- AMEX Gold (Rose Gold Special): No pre-set spending limit (charged up to $6k in one month, always paid in full)

- Chase Sapphire Preferred (VISA Signature): CL $9,000

* Utilization across the board is less than 2%. I always pay balances in full.

My question is, the main factor hurting my score is the 2 30-day late payments on my 2 oldest cards. If I close those accounts my average account age and my oldest account age would be affected, but getting rid of those 2 late payments is a good thing... any thoughts?

[calyx]

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@Anonymous wrote:

Hello all!

I currently sit at a comfortable 740 with a broad portfolio of cards. I started with a 530 score in 2015/2016

(Ranged from oldest to newest)

!- Capital One Secured Platinum (MC): CL $506 (one 30-day late payment from 2016)
!- Bank of America Platinum (Bankofamericard VISA): CL $800 (one 30-day late payment from 2016)

- Capital One QuickSilver One Platinum (MC): CL $500 (Recently bumped up automatically from $300 CL)

- Petal Card (VISA): CL $2,000

- Chase Starbucks Rewards (VISA): CL $2,500 (Recently bumped up automatically from $1,500 CL)

- AMEX Gold (Rose Gold Special): No pre-set spending limit (charged up to $6k in one month, always paid in full)

- Chase Sapphire Preferred (VISA Signature): CL $9,000

* Utilization across the board is less than 2%. I always pay balances in full.

My question is, the main factor hurting my score is the 2 30-day late payments on my 2 oldest cards. If I close those accounts my average account age and my oldest account age would be affected, but getting rid of those 2 late payments is a good thing... any thoughts?

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Closing those accounts won't make the lates go away before the 7 year age off-date, and your AAoA will not be immediately affected - they will continue to report, even if closed, and could report for another 10 years.

You could try to get Cap1 and BoA to goodwill delete the lates early.    The Rebuilding forum has a saturation technique they recommend for that.

[Anonymous]

Hello Calyx, thanks for the fast response!

I understand, I thought maybe closing those 2 accounts will make the 2 late payments go away.

I called CapOne and BofA, both stated that they couldn't delete them from my record. Interesting situation, I was out of the country on a mission trip with my church.. came back after a 2 months and got those 2 late payments (just netflix and another service). Proceeded to pay in full everything when I got back to the country...

I will check-out the rebuilding forum!

Thanks